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FASB releases accounting guidance for contributions received and contributions made

The Financial Accounting Standards Board (FASB) released an accounting standards update to clarify and improve the scope and the accounting guidance for contributions received and contributions made. This should assist entities in (1) evaluating whether transactions should be accounted for as contributions (nonreciprocal transactions) within the scope of Topic 958, Not-for-Profit Entities, or as exchange (reciprocal) transactions subject to other guidance and (2) determining whether a contribution is conditional. 

See the Update Here:

https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176170810258&acceptedDisclaimer=true